IRS Issues Crypto Reporting Receipts Transitional Guidance (1)

Businesses don’t have to report transactions of more than $10,000 in digital assets until the IRS and Treasury Department release formal rules.

Taxpayers that engage in a trade or business are required to report receiving cash of more than $10,000 in one transaction or two or more related transactions to the IRS within 15 days of receipt. The 2021 infrastructure law extended the reporting requirements to include digital assets.

Announcement 2024-4 released Tuesday by the Internal Revenue Service provides transitional guidance under Section 6050I.

• Taxpayers who receive more than $10,000 in cash other than in digital assets ...